Asian shares rose, led by tech firms as new US curbs on Chinese access to vital components for chips and AI proved to be less punitive than feared. Equity benchmarks gained in markets from Japan to Australia. Chinese stocks reversed earlier losses after Bloomberg News reported that the country’s top leaders plan to start a key annual economic work conference next Wednesday to map out growth targets and stimulus plans for 2025. US futures were steady after the S&P 500 notched its 54th closing record this year on Monday, and the tech-heavy Nasdaq 100 rose more than 1%. The generally positive tone for Asian equities came as investors breathed a sigh of relief that the Biden administration’s fresh restrictions on tech exports to China fell short of earlier proposals that would have sanctioned more key Chinese firms. That said, sentiment remains fragile toward the world’s No. 2 economy, with the yuan falling to a one-year low against the dollar on concerns about a weak economy and heightened tensions with the US. The upcoming Central Economic Work Conference will likely dominate traders’ attention after disappointment with Chinese leaders’ recent decision to skip releasing another key meeting’s readout that many had hoped to receive new policy signals from. The dollar edged higher in Asian trade. It snapped a three-day losing streak Monday after President-elect Donald Trump’s warning to BRICS nations. The euro was little changed after falling as much as 1.1% in the previous session amid the political turmoil in France, where bonds and stocks came under renewed pressure. More broadly, traders are bracing for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates. The highlights this week include Friday’s payrolls report, which is expected to show US hiring jumped in November, as well as Federal Reserve Chair Jerome Powell’s scheduled participation in a moderated discussion on Wednesday. Treasuries slipped in Asia, after paring losses Monday following Fed Governor Christopher Waller’s assessment that he’s inclined to vote for a rate cut in December, though data due before then could make the case for holding them steady. The swaps market is predicting more than 70% of a quarter-point interest rate cut this month. Back on Wall Street, the S&P 500 added 0.2%. The Nasdaq 100 rose 1.1%, while Tesla Inc. dropped in after-hours trading after a Delaware judge again rejected a supersized compensation package for CEO Elon Musk. The Dow Jones Industrial Average fell 0.3%. In Europe, Marine Le Pen pledged to topple Prime Minister Michel Barnier’s government after he failed to meet her demands on a new budget, threatening financial and political disruption for France. In corporate news, oil major Exxon Mobil Corp. is considering a sale of its gas stations in Singapore, which could raise about $1 billion, according to people familiar with the matter. Oil edged higher as traders watched for clues on OPEC+’s supply plans ahead of a key meeting this Thursday. Gold also gained. US After Hours CRDO +29.8% surging on earnings; ZS -8% down big on earnings, MCHP -3.3%, HON -2.3% slipping on guidance.
Nikkei +1.91% Hang Seng +0.62% CSI +0.05% Shanghai +0.37% Shenzen -0.18%
Eur$ 1.049 CNH 7.2964 CNY 7.2867 JPY 150.04 GBP 1.2651 CHF 0.8882 RUB 106.6747 TRY 34.7494 WTI$ 68.29 +0.28% Gold 2,648 +0.33% BTC 96,158 +0.77% ETH 3,665 +1.34%
S&P +0.03% Nasdaq +0.05% EuroStoxx +0.21% FTSE +0.13% Dax -0.03% SMI +0.01%
Macro :
- Citadel Defies Commodities Slump to Rack Up $4 Billion in Gains
- Uber-Bullish China ETF Attracts $55 Million Call-Buying Spree
- OPEC+ likely prolonging oil cuts for Q1, according to Reuters - https://bit.ly/4fZVb4M
- SpaceX Discusses Tender Offer at Roughly $350 Billion Valuation
Keep an eye on :
- ALNT SM : Alantra Names Iñigo de Cáceres CEO
- ASML NA : ASML Maintains 2025 Net Sales Forecast Amid Export Restrictions
- BPI PL : Banco BPI Issues €550m Senior Non-Preferred Notes Due Dec. 2028
- CARLB DC : Carlsberg to Sell Russian Business by End of Year: Vedomosti
- EDEN FP : Edenred Still Sees Ebitda Growth of at Least 10% LFL in ‘25
- XOM US : Exxon Is Said to Weigh Sale of $1 Billion Singapore Gas Stations
- SFER IM : Ferragamo Confirms Outlook, Sees Potential Impairment
- GRF SM : Grifols Shareholder Mason Capital Calls for Board to Be Replaced
- GVS IM : GVS Agrees to Buy Whole Blood Business of Haemonetics for $44.6m
- ITP FP : Interparfums Gets Off-White Brands for Fragrance, Cosmetics
- IPN FP : Ipsen and Biomunex in Global Licensing Pact for BMX-502
- TKWY NA : Just Eat Takeaway to End Operations in France on Dec. 9
- TKWY NA : Just Eat Takeaway to End Operations in France on Dec. 9
- LR FP : Legrand Buys Power Bus Way in Datacenters in North America
- MAERSKB DC : Maersk Suspends Low-Water Surcharge as Manaus Port Calls Resume
- MSTR US : MicroStrategy Is Halfway Through Share Sales Plan to Buy Bitcoin
- PGHN SW : Partners Group to Buy Real Estate Platform Empira Group
- PSH NA : Pershing Square Holdings to Delist From Euronext Amsterdam
- RNO FP : Ampere Will Recieve Silicon Carbide Modules Under Multi-Year Agreement
- STLA IM : Stellantis to Tap US Boss, Former CFO for Roles After CEO’s Exit
- STLA IM : Meloni Says to Protect Stellantis Workers, Activities: Rete 4 TV
- SLHN SW : Swiss Life Targets Fee Result of Over CHF1B in 2027
- TSLA US : Tesla Says to Appeal Delaware Court Ruling on Musk Pay Package
- TSLA US : Tesla's Cybertruck Is Not Coming To China Anytime Soon: Report
- X US : Nippon Steel Says Determined to Grow US Steel After Trump Remark
- VLA FP : Valneva Reports Positive Antibody Data for Chikungunya Vaccine
- VLTSA FP : Voltalia Names Robert Klein as CEO, Replacing Sébastien Clerc